44% Of America Literally Has No Idea How The Economy Works

A new Wall Street Journal/NBC poll shows that 44%
of Americans don't believe that Congress should raise the debt
ceiling — a troubling sign that suggests a large chunk of
Americans don't understand the consequences that would come from
that decision.

Almost no one says that the U.S. shouldn't raise the debt
ceiling, from House Speaker John Boehner to President Barack
Obama.

Boehner and other Republicans want to use the mid-October deadline to extract some
concessions from the administration — a delay in implementation
of the Affordable Care Act, or more long-term spending cuts.
Obama and Democrats want a "clean hike," and he says that he
won't negotiate over the debt limit like he did in 2011.

Hitting the debt ceiling isn't a realistic option — save for a
small caucus of Republicans who think that "prioritizing" payments is an
option. But really, Boehner is just looking for the White
House to blink — and trying to get a deal that satisfies enough
of his conservative base. He has promised a "whale of a fight" — but
first, Republicans need to figure out their strategy for passing
a bill to avert a government shutdown by Sept. 30.

Economists agree that failure to raise the debt ceiling would be a catastrophe, and cost of even a
temporary delay are estimated at a whopping $20 billion. The
debt-ceiling fight in 2011 cost the U.S. a downgrade in its
credit rating.

But Friday's poll suggests that public ignorance over the issue
could be a boon for Republicans in any negotiations. Only 22%
think that Congress should raise the debt ceiling, and opponents
outnumber supporters by a 2-to-1 margin.

If the 2011 negotiations are any indication, public awareness
could grow as the debt ceiling gains more attention and as the
consequences become clearer. In a June 2011 NBC/WSJ poll,
Americans opposed raising the debt ceiling by a 39-28 margin. A
month later, Americans supported it by a 38-31 margin.